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The purchaser is responsible for recording charges for the mortgage and deed. For example, for a property located in the five boroughs the recording charge for a deed is $52.00 and the recording charge for the mortgage is $120.00 along with a service fee to the title company.

Mortgages should be recorded in the Office of the County Clerk of the county in which the real property being mortgaged is located. When recording a mortgage, it is your lender's responsibility to take the proper steps to ensure that the document meets all of the legal requirements for recording.

New York State imposes a tax on the privilege of recording a mortgage on real property located within the state. In addition, New York City, Yonkers, and various counties impose local taxes on mortgages that are recorded in those jurisdictions.

In a refinance situation, the mortgage recording tax can be greatly reduced or avoided when the original lender agrees to assign the existing mortgage to the new lender and the new lender agrees. The mortgage recording tax will only be calculated based on the difference between the old loan and the new money.

To change a deed in New York City, you will need a deed signed and notarized by the grantor. The deed must also be filed and recorded with the Office of the City Register. Transfer documents identifying if any taxes are due must also be filed and recorded with the City Register.

The NYC Mortgage Recording Tax (MRT) is 1.8% for loans below $500k and 1.925% for loans of $500k or more. The MRT is the largest buyer closing cost in NYC. How much Mortgage Recording Tax you pay is based on the size of your loan as opposed to the purchase price.